MS SB2678

Imposes an excise tax of $2.56 per gallon (or 2 cents per ounce) on distributors selling sweetened beverages, syrups, and powder/base products in Mississippi, with annual adjustments based on the Consumer Price Index.

Requires all distributors to obtain a permit from the Department of Revenue before engaging in business and maintain records of transactions for at least two years.

Allocates 20% of tax revenue to a newly created Children's Health Promotion Fund and directs remainder to the State General Fund; Fund money supports obesity prevention programs in schools (35%), local health departments (35%), the Department of Health (20%), and medical interventions (10%).

Exempts from the tax products sold to the federal government, American Indian tribes, sales for out-of-state consumption, and certain distributor-to-distributor sales.

Establishes penalties of 50% of unpaid taxes plus 12% annual interest for violations, with enforcement provisions modeled after Mississippi Sales Tax Law; effective July 1, 2011.